Bank Accounts

INTERSHORES I OCBC Launches Digital Account Opening Service For Foreign Customers

Using AI (artificial intelligence), data analytics, biometrics, blockchain and cloud technologies from OneConnect Financial Technology to digitalize the KYC process, OCBC Singapore becomes the first Singapore bank to launch a fully digital account-opening service for customers who are relocated to the city-state to work, study and live.


Individuals from Hong Kong, Mainland China, Malaysia and Indonesia are able to open SGD and multi-currency accounts on OCBC’s digital app now.  Typically, customers who visit a physical branch would take days or weeks to open a bank account, and require two other key administrative arrangement to be in place – salary crediting and the securing of accommodation.    With AI, it speeds up the whole relocation process for individuals.


It is expected that the monthly average for foreigners who open an OCBC Singapore bank account in 2024 will be 3-4 times than that of 2023.   


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